US real GDP rises at 3.2% annual rate in Q3 2017: BEA

28 Dec '17

2 min read

US real gross domestic product (GDP) rose at an annual rate of 3.2 per cent in 2017 third quarter compared to 3.1 per cent in the second, according to the third estimate by the US Department of Commerce’s Bureau of Economic Analysis (BEA). Real gross domestic income (GDI) rose by 2 per cent in the third quarter compared to a 2.3 per cent rise in the second.

This real GDP increase reflects positive contributions from personal consumption expenditures (PCE), private inventory investment, non-residential fixed investment, exports, federal government spending and state and local government spending that were partly offset by a negative contribution from residential fixed investment.

With this third estimate for the third quarter, personal consumption expenditures increased less than previously estimated, but the general picture of economic growth remains the same, said a BEA press release.

The average of real GDP and real GDI, a supplemental measure of US economic activity, increased 2.6 per cent in the third quarter compared to 2.7 per cent in the second.

Profits from current production increased by $90.2 billion in the third quarter, whereas in the second quarter, the increase was $14.4 billion. Profits of domestic financial corporations increased by $47.8 billion in the third quarter in contrast to a decrease of $33.8 billion in the second.

Profits of domestic nonfinancial corporations increased by $10.4 billion compared with an increase of $59.1 billion in the second. (DS)

Fibre2Fashion News Desk – India

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